CDI/EAST ACQUIRESTROPHY TOWER
New York-based Commercial Developments International/East Inc. (CDI/East) has kicked off an aggressive acquisition program with its purchase of 2100 McKinney Ave. in Dallas. The 18-story, 360,000 sq. ft. building was sold by 2100 McKinney Office LP, a joint venture of Dallas-based Crow Holdings and Boston-based Westbrook Partners, for an undisclosed price. According to company officials, CDI/East is planning a $200 million acquisition spree over the next three years. The company will target Class-A office properties in major metro areas around the country.
DDR BREAKS GROUND ON AUSTIN SHOPPING CENTER
Cleveland-based Developers Diversified Realty has begunon a 493,302 sq. ft. shopping center in Austin, Texas. The Shops at Tech Ridge are a $43 million joint venture with Dallas-based David Berndt Interests. The project, which is 80% leased, includes anchors Super Target, Linens N' Things and Hobby Lobby, The center is scheduled to open in 2004.
PANATTONI BEGINS 600,000 SQ. FT. SEAWAY PROJECT
Panattoni Development Co., headquartered in Sacramento, Calif., has launched a six-building, 600,000 sq. ft. project in Everett, Wash. The first phase of the Seaway Business Center will consist of a 59,000 sq. ft. distribution facility, which is scheduled for completion in the first quarter. The 37-acre lot is at the north end of the Seattle industrial market, which is receiving increased interest from developers due to its proximity to a strong employee base, according to Panattoni officials.
GM BUILDING GETS MAKEOVER
A $120 million renovation project has been completed at Detroit's 1.2 million sq. ft. General Motors Building. Constructed in 1919, the building was originally the headquarters for General Motors Inc. When GM relocated, the 15-story building became home to several State of Michigan agencies — including the state Attorney General, departments of Civil Rights and the State Supreme Court — and its name was changed to Cadillac Place. The renovation, headed by Washington, D.C.-based JBG/TrizecHahn Development Services, brought the building up to current standards for electrical, communications, safety and other systems.
LANDMARK HOTEL CLOSES DOORS FOR $30 MILLION RENOVATION
The Madison Hotel in Washington, D.C., has temporarily closed its doors. The landmark hotel, located at the intersection of 15th and M Streets, will undergo a $30 million restoration, including a reconfiguration of the lobby and the addition of two restaurants. In addition, the hotel's 353 rooms will be overhauled with such renovations as new carpet and wall coverings, and the addition of high-speed Internet connectivity.
PRINCIPAL, CORUM BEGIN DALLAS APARTMENTS
Des Moines, Iowa-based Principal Real Estate Investors and development partner Corum Real Estate Group of Denver have broken ground on Premier Lofts in downtown Denver. The project, located at 2200 Market near Coors Field, will feature 250 luxury apartments and 15,000 sq. ft. of retail space. The units in the 7-story building will feature a mix of studio, one- and two-bedroom plans. Amenities will include a roof deck with Jacuzzi, a community room with teaching kitchen, a 26-seat movie theater, media and game rooms, a fitness center and a business center with conference room. The cost of the project, scheduled for completion in April 2004, was undisclosed.
HILLWOOD PLANS SPEC INDUSTRIAL PROJECTS
Hillwood is planning three spec industrial buildings in the Dallas-Fort Worth market. Under construction are the 273,000 sq. ft. Gateway 58 and the 266,100 sq. ft. first phase of the 460,880 sq. ft. Lakeside Trade Center 1. Hillwood began construction on the 450,000 sq. ft. Gateway 53 in December. All are scheduled for completion in the first half of 2003.